Best Digital Payment Services
An Overview of Digital Payment Services
The best digital payment services involve providing cashless, contactless, and paperless payment systems. With the use of services like mobile applications and AI/machine learning, technology has made it possible for people all over the world to accept these digital payment services in the form of practical payment transfers.
To encourage and promote digital payments in India, the government has been putting several policies into place. As part of the “Digital India” initiative, the government aspires to create a “digitally empowered” economy that is “Faceless, Paperless, Cashless.” Various formats and methods are being used for making digital payments.
According to FIA Global, a leading business correspondent, by 2023, it is anticipated that 66.6 billion transactions totaling $270.7 billion in India will switch from cash to cards and digital payments.
Best digital payment apps in India
An Overview of the Best Digital Payment Apps in India
The emergence of the best digital payment apps in India is a breakthrough ever since the government announced the demonetization of older currency
notes in 2016. These digital payment apps enable their users to transfer and receive funds to individuals and business entities using their smartphones and
tablets.
These best digital payment apps in India include apps such as Paytm, PhonePe, Freer Charge, etc. After demonetization, several Unified Payment Interface (UPI) apps have emerged as providers of the best digital
payment services. According to recent data, these apps have processed about 5.04 billion transactions as of March-2022.
It can be aptly said that India is transitioning to a cashless society as a result of the rapid uptake of contemporary technologies and digitalization due to the best digital payment apps in India.
